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20121204
20121204
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discuss a little -- the latest with the fiscal cliff negotiations. republicans and joined obama to extend the bush era tax rates. first time university law professor looked at the history of the alternative minimum task -- tax. cluster e-mails, phone calls and tweets. tuesday at 7:00 a.m. eastern on c-span. more about the tax loopholes and deductions that could be involved in negotiations over the fiscal cliff. from our special washington journal series, this is 50 mins. >> we turn our attention today to deductions and tax -- tax loopholes. joining us to talk about this is john mckennan, thank you for being here. what are loopholes and deductions? we hear those words a lot. guest: loopholes or tax breaks of all different sorts. whether you like a particular loophole or not depends on where you sit. there are lots of loopholes that are deductions. deductions are the ones most people are familiar with. the big itemize deductions are things like a home mortgage interest deduction. there is one for state and local taxes that is very important. the deduction for charitable contributions. then
for direction. if you see that cropping up in the summer, they speak to the republican party. it highjacks that debate. the administration loses that control. then you have occupy wall street as well. obama keeps them at arm's length for the most part. i hear this a lot. what is the line? lbj says make me do it. people are starting to get a sense that obama is in need. there is no doubt about it. there is a sense of a new chart. it is making him rise to the new ways. he is now having a fresh hundred days to capitalize. >> do you agree that he is essentially a pragmatists? >> i do. he is a guy who you find him setting up some trial balloons. they tend to be on the left. there is more structural change. it they say they're like this idea. they really rebalance the financial system. he gets pushed back. sometimes he is with summers and sometimes he is with geithner. he tends to move toward pragmatism. he is evolving. we cannot help ourselves. the big question is how this man will of of and how it will express itself now that he has this. >> what is your big answer? >> some answers i think i h
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